China’s Stocks Slump

China’s stock market dropped sharply on June 29, driving the benchmark index to the lowest level in 14 months.

The benchmark Shanghai Composite Index shed 4.27 percent to end at 2,427.05 points. The Shenzhen Stock Exchange plunged 503.15 points to close at 9508.91. Aggregate turnover for the two markets was 134.72 billion yuan.

The Agricultural Bank of China is set to raise up to US$23.2 billion in the world’s largest IPO, according to a price range the lender has set for its shares.

 An investor looks at share prices on an electronic board at a stock exchange in Hefei, Anhui Province. Xinhua

Scorching Heat to Linger

China’s weather forecasters announced in early July that the unbearable heat searing much of the country would continue for a few more days.

Sweltering hot weather, with temperatures over 35 degrees Celsius, could be expected in at least 13 provinces and regions across China in the coming days, the National Meteorological Center said.

In Beijing, the local meteorological bureau upgraded the heat alert on July 4 from blue to yellow, only two steps below the top alert.

A monkey enjoys the shade in a zoo in Anhui. IC